Joby Aviation, an aviation company that is known for building, developing, and assembling all-electric aircrafts for commercial use, reported it’s financial results for the 4th quarter of 2021 yesterday.

They reported earnings of 1 cent per share which was higher than the estimated for a loss of 15 cents per share. Representatives of Joby Aviation came out and said that the reason for their strong performance is because they are in the “implementation phase” for its electric aircrafts. On top of this, they have completed a wide array of reviews and compliance regulations with the Federal Aviation Administration, pushing them forward to their end goal of making their electric aircraft available for public use at the earliest convenience.

They also finished building their new manufacturing facility, and are planning to use that facility to produce more aircrafts there and speed up their time in going to market.

Joby’s stock soared over 10% yesterday after beating earnings and reporting strong financial results.